By Pramugdha Mamgain
The realty platform aims to invest $100 million in commercial and residential real estate projects in Bengaluru, Chennai and Hyderabad.
LDL is selling its equity interest in the two UK assets for about Rs4,200 crores – this will bring significant cash into LDL and strengthen its balance sheet.
The Canadian firm is said to be weighing options that would give it control of some retail properties from Meraas, including entering into a joint venture for those developments.
This is the first significant transaction undertaken by the firm’s Singapore-domiciled Elite UK Commercial Fund, which focuses on UK real estate investment.
The joint venture, named Dexus Australian Logistics Trust, will be seeded with assets from Dexus’ existing industrial portfolio.
Both partners will make an initial equity commitment of $225 million.
Collaboration among developers is the only way to survive in the current scenario, as the sector inches towards consolidation.
The portfolio comprises five projects located in Shanghai, Jiaxing, Foshan, Wuhan and Shenyang and has a total leasable area of approximately 375,000 square meters.
Once the transaction is completed, AIMS Financial will become the 100% owner of the management entities of AA REIT holding 17.88% of AA REIT units.
Gregory Wells, the entrepreneur-in-residence at Warburg, will also look to invest in or acquire existing platforms to add scale more quickly.